One year after ChatGPT’s public launch, generative AI is probably still the hottest topic in the world of business—and with good reason. Research suggests gen AI could add almost $7 trillion to global GDP. So what, exactly, will gen AI mean for…
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In their first post, “It’s now or never: Time for central banks to embrace change,” my colleagues Rohit Mathew and Oliver Reppel explored why central banks need to transform digitally to ensure they can fulfil their mandate. In this post, they explain…
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The years-long ISO 20022 journey has achieved a major milestone this year: it is now being used for cross-border payments. The new standard successfully launched globally in March 2023 with SWIFT CBPR+, and on the European Market Infrastructures of T2 (March 2023),…
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While unfortunate, the rising tide of fraud is not necessarily surprising. Financial criminals have been targeting digital transactions for over three decades. As technology has evolved, so have their tactics. The dial-up world of the 1990s was a golden age for credit…
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How loyal are your customers? And do they feel truly rewarded for their ongoing relationship with your bank? According to recent Accenture research, banking customers view loyalty as a two-way street: they are open to being loyal to one primary bank, but…
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We’re a little over halfway through 2023, but it feels like we’ve already seen more than a year’s worth of major banking news since January. With all due respect to the impact of generative AI—which we anticipated in our Top 10 Banking…
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Generative AI: what’s in it for me? Everyone, including auto and equipment finance providers, wants to know. The way I see it, it’s a technology that will have far-reaching impacts on the lending and leasing business, bringing efficiencies and better experiences for…
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Well over a decade ago, I was fortunate enough to land a banking leadership role in commercial and corporate banking operations. I immediately noticed two things that have stuck with me ever since. First, the people in operations are some of the…
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Technical debt is a well-known issue in the software world, but it is becoming increasingly top of mind for banks—particularly banks undertaking a cloud transformation. Deciding what to do about tech debt usually involves an analysis of the tradeoffs between different approaches.…
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Banks and other incumbent payment players face an intriguing paradox right now. They must innovate to stay relevant, but their discretionary budgets for innovation are limited. They must find a way to do more with less. Rapid growth in the payments market,…
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The world of commercial banking faces uncertainty today. As a result, it is difficult to make confident decisions about the medium-to-long term. However, Accenture believes commercial banks have an op...
Disclaimer: ChatGPT did not write our post, but we did ask it for title suggestions and picked our favorite one. Thanks, generative AI! We’re at an inflection point. Every day, we see how artificial i...
The pace of change is not slowing down. Customers’ expectations have radically changed, and they expect much more from their banking products and services than ever before. To maintain relevance, bank...
ISO 20022 is probably the biggest payments change of the last 30 years—if not more. It’s also no longer news. The industry has known for years that it’s coming. In fact, some institutions began thei...
A recent Accenture survey found that embedded finance offerings to small and medium-sized enterprises could increase global bank revenues by as much as US$92 billion by 2025. Embedded finance offers b...
Banks face a trust paradox. While customers trust banks with their money, only 19% of them say they are interested in receiving advice from a bank. And the more digital banks become, the less connecte...
The COVID-19 pandemic increased the tempo of change in consumer behaviors and expectations. Payments, characteristically, is at the forefront of the change. In “Payments Gets Personal—Strategies to St...
As consumers experience economic turbulence due to inflation and rising interest rates, they want to be able to pay anywhere, anytime, anyhow. For banks to stay ahead of an increasingly complex paymen...
Having pulled through the Covid pandemic, the unravelling of international supply chains and a global energy crunch, commercial banks must now grapple with a spike in interest rates and the collapse o...
We’re a little over halfway through 2023, but it feels like we’ve already seen more than a year’s worth of major banking news since January. With all due respect to the impact of generative AI—which w...
